A number of issues related to the flutter and postflutter of two-dimensional supersonic lifting surfaces are addressed. Among them there are the 1) investigation of the implications of the nonlinear unsteady aerodynamics and structural nonlinearities on the stable/unstable character of the limit cycle and 2) study of the implications of the incorporation of a control capability on both the flutter boundary and the postflutter behavior. To this end, a powerful methodology based on the Lyapunov first quantity is implemented. Such a treatment of the problem enables one to get a better understanding of the various factors involved in the nonlinear aeroelastic problem, including the stable and unstable limit cycle. In addition, it constitutes a first step toward a more general investigation of nonlinear aeroelastic phenomena of three-dimensional lifting surfaces.